ReNew Energy Sees Decline in Net Profit in Q1 FY25

ReNew Energy Global Plc has announced its unaudited consolidated IFRS results for the three-month period that ended on June 30, 2024. The company registered a 14 percent year-over-year (Y-o-Y) increase in its commissioned capacity.

The official statement notes that the company had a portfolio of about 15.6 GW by June 30, 2024. This includes 9.6 GW of commissioned capacity and nearly 6 GW committed capacity. Notably, the company added nearly 2 GW in its portfolio in the last year, which summed up to 13.7 GW as of June 30, 2023.

Following the quarter's end, the renewable energy developer commissioned 400 MW of solar and 14 MW of wind capacity, bringing the total commissioned capacity to approximately 10 GW as of August 15, 2024.

The company’s revenue for Q1 FY25 rose to INR 22,811 million, up from INR 21,250 million in Q1 FY24. However, net profit declined significantly, with Q1 FY25 registering INR 394 million, a sharp drop of over 13 percent from the INR 2,983 million reported in Q1 FY24. Adjusted EBITDA for Q1 FY25 was INR 18,979 million, only marginally higher than the INR 18,599 million recorded in Q1 FY24.

ReNew reaffirmed its FY25 guidance, expecting to complete the construction of 1,900 to 2,400 MW by the end of Fiscal Year 2025. The company also anticipates ongoing net gains from asset sales as part of its capital recycling strategy, incorporating INR 1-2 billion of these gains into its guidance. 

ReNew is among the largest renewable energy developers in India. It ended FY2024 with roughly 13.5 GW of energy capacity in its portfolio and registered a total income of INR 96,531 million for the year. The firm hopes to achieve a gross operating capacity of 15 to 16 GW by the end of Fiscal Year 2027 and 19 to 20 GW, after capital recycling, by the end of Fiscal Year 2029.